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RE: The secret to becoming rich

in #money6 years ago

Finding new streams of income and having passive income is myth for larger population.

Majority thinks passive income is what you get wihout doing anything, but they dont know that it must be result of some real hard work or some smart investment which is source of passive income.

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Passive income is certainly my goal. Though passive is a slight misnomer, for example having a couple of rental properties is what some people think of as having passive income which is partly true - you don't have to turn up from 9 - 5 at your properties but you do have to keep them up to standard, make sure the rent is being paid etc. If you have investments you have to watch over them and hopefully keep your cash working at the optimum level.
I'm not sure totally passive income exists even if you can employ someone to keep look after your investments its best to keep an eye on the person you're employing too.
But.... being able to watch over your investments from your holiday villa in the Caribbean and knowing that you are earning money while you sleep is a pretty nice position to be in and I would take that kind of work over the 9 - 5 any day!

You're right, many people don't realize that passive income is a possibility to many, not just the few. It might take some effort, and should take some effort to figure out how to get your own source of passive income. Otherwise you won't understand where it is coming from. But once you have it, you have it.

Actually Passive income is most mis understood word. Sometimes the very people who teach how to achieve passive income are just creating passive income for themselves only they dont have any solutions for commen people.